"Sale Price" of Properties that Transferred from personal to LLC

[Peter Lysiak]

Disclaimer: I am going to run this by my accountant this week as well. 

At the beginning of 2020 I had three properties that I owned 50/50 with a partner. Midway through the year, my partner and I transferred the properties to our LLC (same ownership structure 50/50) because our commercial lender could extend a line of credit behind them if we bundled them into a portfolio loan. Now that it's tax time, my assumption is that I need to report a sale on the three properties. For round numbers, let's say each property had a $100K loan left on it and the portfolio loan came in at $300K to clean those up.

What do I use as a sale price for each of the properties?